Most Delta homes saw modest increases in value, according to the latest figures by B.C. Assessment.
The provincial authority released its annual report this week that showed Delta single-family homes went up from five to 15 per cent, while strata units saw a zero to 10 per cent increase last year.
The 2012 assessment is based on assessed values as of July 1, 2011.
In a YouTube presentation, Mark Katz, assessor for the South Fraser Region, said the market has been fairly active, going up around 10 per cent across the region.
Delta, however, has seen more moderate increases compared to Richmond, which has seen values rise by as much as 30 per cent in some places. Those figures will be reflected in the 2012 assessment notices that are going to be mailed out shortly.
The assessment authority provided a few examples of typical increases in Delta by neighbourhoods:
- A 20-year-old home at Tsawwassen Beach increased from just over $2.1 million to slightly more than $2.2 million.
- A single detached home in East Ladner went up from $759,000 to $784,000.
- A typical 40-year-old home in North Delta went up from $420,000 to $435,000.
- A newer home in Sunshine Hills, built in 2001, rose in value from $713,000 to $751,000.
- A 20-year-old strata apartment at the Royal Oaks complex in Tsawwassen increased from $637,000 to $663,000.
- A 16-year-old, two-bedroom condo in Ladner went up from $311,000 to $320,000.
Most commercial properties in the region have seen increases up to 15 per cent, but some pockets in Delta, including Annacis, Ladner and Tilbury, will see more "substantial" increases up to 50 per cent, said Katz.
Overall, Richmond and Delta's assessment roll increased from a combined total of $78.7 billion last year to just over $87 billion this year. A total of almost $1.2 billion of this growth includes subdivisions, rezoning and new construction.
Property owners who feel their assessment does not reflect market value as of July 1, 2011, or see incorrect information on their notice, should contact B.C. Assessment as soon as possible.
"What property owners should really be aware of is if their value in average is going up significantly more than most properties, they likely will see an increase in their property taxes, so it's very important that when they get their assessment notices, they look at it closely, ensure the information on it is accurate and, above all, give us a call. Our staff will be more than happy to help them," Katz explained.
Appointed annually by the province, the Property Assessment Review Panel is independent of B.C. Assessment. It meets between Feb. 1 and March 15 to hear formal complaints.
The Richmond/Delta assessment office is located at 200-11331 Coppersmith Way in Richmond. During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. The phone number is 604-241-1361.
For more information, go to www.bcassessment.ca.
According to B.C. Assessment, 98 per cent of property owners accept their property assessment without proceeding to a formal, independent review.
On another front, the provincial government this week announced that changes will be made to homeowner grants, increasing the threshold for grant eligibility from $1.15 million to $1.285 million.
